Anders CPA

DECEMBER 24, 2024

Economic Nexus: Sales & Use Tax The South Dakota v. Wayfair decision was particularly relevant for economic nexus as it relates to sales tax. As of January 1, 2023, all states that impose a sales tax have a threshold that, when met by out-of-state retailers, allows the state to impose sales tax on the business.

South Dakota

Dent Moses

JUNE 25, 2025

On March 20, 2025, the IRS issued new FAQ’s as guidance to businesses understand how to properly report Employee Retention Credit (ERC) refunds on their income tax returns. This is especially important for companies that received ERC refunds but never amended their earlier tax returns, or for those whose claims were later denied.

tax return

Withum

DECEMBER 4, 2024

Section 179 expensing, unlike bonus depreciation, can give rise to state income tax benefits. Cost segregation is recognized as an engineering-based tax study accepted by the IRS. years) to a shorter depreciable tax life (e.g., It is effective for tax years ending after September 8, 2023.

Tax

CPA Practice

JULY 7, 2025

Employee Benefits Tax TRP Provide a Revenue Procedure related to Section 305 of the SECURE 2.0 Act of 2022, as part of the Consolidated Appropriations Act, 2023, addressing the expansion of the Employee Plans Compliance Resolution System. Exempt Organizations Tax TRP Provide an update on the potential revisions to Rev.

cpas

Accounting Today

JUNE 12, 2025

EDT 6 Min Read Facebook Twitter LinkedIn Email By any other name; poor Service; a saga continues; and other highlights of recent tax cases. Rockford, Illinois: Tax preparer Gretchen Alvarez, 49, has pleaded guilty to preparing and filing false income tax returns. He lied to the court, to the U.S.

Tax

Accounting Today

JUNE 19, 2025

Nixa, Missouri: Tax preparer Tina Louise Yager has pleaded guilty to making false and fictitious claims against the U.S. Yager used clients information to present false returns to the IRS from November 2023 through March of 2024, submitting returns in the name of her clients without their knowledge or approval. and to wire fraud.

Tax

Accounting Today

JUNE 5, 2025

.: CPA Timothy Trifilo has been sentenced to 20 months in prison for making a false statement on a mortgage loan application and for not filing an income tax return. For a decade, he did not file federal income tax returns nor pay taxes owed despite earning more than $7.7 Philadelphia: Tax preparer James J.

Tax

CPA Practice

JULY 14, 2025

Patrick Hickman, CPA , joined the firm in 2023 following a decade in public accounting with other firms. His areas of tax expertise include partnerships, including allocations, tax planning and structuring. She received her B.A. from the University of Findlay, and her M.B.A. from West Virginia University. He holds a B.S.

West Virginia

Reckon

FEBRUARY 20, 2025

However, the new reporting scheme has left some NFPs uncertain of their status or tax obligations. Announced in 2021, the Australian government imposed the new self-reporting requirements to ensure that only eligible NFPs can access income tax exemption. This is a drastic change from how tax exemption was calculated for NFPs.

Non-Profits

Withum

DECEMBER 11, 2024

Payroll tax offset: Beginning in 2016, qualified small businesses (defined as those with less than $5 million in gross receipts and those in their first 5 years of existence) can elect to use the R&D tax credit to offset their quarterly payroll taxes, which can provide a significant cash flow benefit.

E-commerce

Accounting Today

JULY 24, 2025

Sole owner of Zion Outfitter, an outdoor retailer in Springdale, Utah, he handled the company finances and provided CPAs with information and records to prepare tax forms to submit to the IRS. He underreported his taxable personal income, which resulted in his evading at least $1.9 million in income tax. million in taxes.

Tax

CPA Practice

JULY 25, 2025

Patrick Hickman, CPA , joined the firm in 2023 following a decade in public accounting with other firms. His areas of tax expertise include partnerships, including allocations, tax planning and structuring. She received her B.A. from the University of Findlay, and her M.B.A. from West Virginia University. He holds a B.S.

West Virginia

Withum

JANUARY 21, 2025

Each state has its own rulings regarding state income tax withholdings of 401(k) retirement plan distributions. Distributions of pre-tax employee elective contributions and employer contributions from a retirement plan are subject to a mandatory federal income tax of 20%.

income tax

CPA Practice

AUGUST 5, 2025

Founded in 2003 as NDH Advisors by three Arthur Andersen alums, Chicago-based Prosperity Partners received an equity investment from Unity Partners , a Dallas-based private equity firm, in 2023. Since then, Prosperity Partners has added offices in Kansas City , Houston , Philadelphia, Santa Barbara, CA , Detroit, Washington, D.C.,

Virginia

CPA Practice

JUNE 20, 2025

Federal prosecutors indicted Parker and co-defendants, Virginia Humphries of Pittsburgh and Marc Andrew Martin of Detroit, in June 2023. million in COVID-19 relief loans in Pennsylvania. million in COVID-19 relief loans in Pennsylvania. Officials said the Small Business Administration approved 226 of those applications.

Pennsylvania

CPA Practice

JUNE 19, 2025

Launched in 2023, Pramata’s Partnership Program enables consulting firms and technology companies to elevate their contract management capabilities by embedding Pramata’s contract AI technology as a core foundation of their value added services.

Real Estate

Menzies

JANUARY 23, 2025

HMRC may have written to you because they have reason to believe you have earned more than 1,000 income in the 2023/24 tax year (6 April 2023 to 5 April 2024) from making deliveries. If you have not received a letter from HMRC, but you have earned more than 1,000 in income, then you may still need to act now.

tax return

CPA Practice

JULY 30, 2025

The reporting threshold for Form 1099-K was $20,000 and 200 transactions from its inception in 2011 through 2023. This lower threshold for Form 1099-K was set to take effect for tax year 2023, but the IRS delayed its adoption.

Technology

Accounting Today

JUNE 9, 2025

billion in fraudulent earned income tax credits given out, which represented about a third of the tax returns that had the EITC credit on there. That number has gone up in 2023, it was 880,000. They estimate that 96% of those payments were attributable to a non-credentialed preparer.

Washington

Going Concern

FEBRUARY 10, 2025

You’d think it paid a lot in taxes, right? Well it paid precisely $0 in federal income taxes last year. Sendil Palani replies : Professor, Respectfully, Tesla’s income taxes are not an example of fraud. Tesla complies with all tax regulations in all of the regions of the world in which we operate.

Indiana

Accounting Today

JULY 10, 2025

In 2022 and 2023, he and others operated a ghost prep business in three Augusta locations, including a church and Browns residence. He fabricated income to qualify his clients for credits, claimed fake deductions to inflate refunds and charged clients a percentage fee of the refund. Brown had clients pay him a 10% fee of each refund.

Tax

CPA Practice

AUGUST 7, 2025

Expand Electronic Federal Tax Payment System (EFTPS) capabilities, which would enable business accounts to submit payments on behalf of individuals for Form 1040 and 1040-NR, including estimated tax payments, extension payments and balances due. 3975 , the Tax Fairness for Disaster Victims Act , introduced by Kennedy.

audit

Accounting Today

JULY 21, 2025

Union City, Georgia: Truck driver Dantavious Jackson, 39, who operated a ghost tax prep business, has pleaded guilty to making claims for refunds of false pandemic-related employment tax credits. On the side, he also prepared taxes for a fee. Between June 2022 and August 2023, he defrauded the U.S. income tax return.

Rhode Island

Accounting Today

JULY 15, 2025

"The bill said that you had to have the asset placed in service by 2027 but also you had to start construction on that facility within one year of the enactment date," said Ian Boccaccio, principal and income tax practice leader at tax firm Ryan. "If In 2023 you couldnt deduct 100%. 19, 2025."

Tax

Going Concern

OCTOBER 30, 2024

”) In early June 2023, the BDO partners received a calendar invite for a partnership call. BDO leadership said the conversion was purely for purposes of reducing partner income taxes and that there was no private equity or any related transaction on the table, further misleading Phan and the partnership.

Healthcare

Accounting Today

AUGUST 4, 2025

The financial services and retirement account provider Vanguard says it saw a record number of "hardship" withdrawals in 2022 and 2023. Traditionally, accounting firms may have offered a personal income tax return option along with a business owners C corp tax returns. All this expense is draining consumers savings.

accountant

SkagitCountyTaxServices

JULY 2, 2025

R&D expenses: Businesses can fully expense domestic R&D costs immediately (retroactive to 2022 for smaller businesses), potentially allowing amended returns to reclaim overpaid taxes. Employee benefits: Up to 25K in tip income and 12.5K Tips & Overtime Under the Senate version, up to 25K in tip income per person and 12.5K

income tax

CPA Practice

JUNE 5, 2025

The IRS just released its annual “Data Book” providing vital information about the agency’s activities for its 2024 fiscal year (FY2024) spanning October 1, 2023, through September 30, 2024.

Tax

Menzies

AUGUST 6, 2025

Closing the tax gap Contact us The tax gap is the difference between the amount of tax that should, in theory, be paid to HMRC and the amount that is actually paid. In 2023/24, the tax gap stood at £46.8 billion which is a concern.

tax return

Menzies

APRIL 14, 2025

The Budget changes, coupled with frozen tax-free allowances (unchanged since 2009) and increasing inflation, are accelerating the number of taxable estates. Inheritance tax is no longer a tax solely for the wealthy, and with a headline rate of 40%, inheritance tax is becoming difficult to ignore. 67% effective tax rate?

Tax

Going Concern

APRIL 11, 2025

News Tax firm owned by Anne Arundel lawyer found liable in unjust enrichment case [ Maryland Daily Record ] An accounting firm owned by Glen Frost, the founder of one of Anne Arundel Countys largest law firms, was found liable for unjust enrichment and ordered to pay more than $680,000 after a jury trial last month.

audit

ThomsonReuters

DECEMBER 30, 2024

As explained in a recent blog by Alex Durante , an Economist at the Tax Foundation, this is done to avoid what is known as bracket creep. Bracket creep occurs when inflation, rather than real increases in income, pushes people into higher income tax brackets or reduces the value they receive from credits and deductions, Durante wrote.

Tax

Going Concern

JANUARY 24, 2025

In an unusual twist, it could have to pay federal income taxes on those paper gainseven if it never sold a single bitcoin. The tax bill could total billions of dollars starting next year, according to a new disclosure this month by MicroStrategy that has received little attention. region until her retirement in October 2023.

audit

Going Concern

JANUARY 31, 2025

The report found that starting pay has remained stagnant since 2023 as the consulting industry reels from a slowdown in demand for services, despite some recent signs of improvement. Previously, annual increases of 5 to 10% were standard for the industry, according to Management Consulted.

cpa firm

CPA Practice

JUNE 26, 2025

Recognizing the growing complexity of multi-state filings, international compliance risks, and exemption certificate management, Therabody turned to Avalara to solve its urgent need for automation to replace manual tax processes.

Technology

Going Concern

JULY 18, 2025

billion in confirmed fraud, with a notable case in 2023 when the Department confirmed spending $51,000 on a trash can. While in Congress, where he served from 2011 to 2023, the Republican sponsored legislation to get rid of the IRS. A former auctioneer and real estate broker, Long has no background in tax administration.

audit

Accounting Today

JULY 10, 2025

between 2017 and 2023, according to an emailed statement. By Jeff Stimpson 5h ago Tax Smith+Howard starts new tax practices Smith + Howard, an Atlanta-based Top 100 Firm, has opened two new tax practices: Site Selection + Incentives and State and Local Income Tax Consulting. and Stenn International Ltd.

audit